Another country decides to purchase oil with gold, further weakening U.S.-dominated petrodollar amid global shift
By jdheyes // 2022-12-13
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The world continues to change under the regime of Joe Biden, one of the worst American politicians in terms of foreign policy in the history of the country. According to reports this week, Ghana has become the latest country to abandon the use of petrodollars to purchase the oil the country needs, and instead is now resorting to the use of gold for said purchases. "Ghana’s government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook," Reuters reported over the weekend. "The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is…increasing living costs…Using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products." He said that the new plan if Ghana goes ahead with it, will be implemented during the first quarter of 2023, and it "will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency," Bawumia said, according to Reuters. "The barter of gold for oil represents a major structural change," he added, noting that using gold instead of having to rely on fluctuating exchange rates will make it much easier to rely on certain levels of pricing for budgetary purposes. Reuters added: "The proposed policy is uncommon. While countries sometimes trade oil for other goods or commodities, such deals typically involve an oil-producing nation receiving non-oil goods rather than the opposite." Motivational speaker and financial guru Tony Robbins recently explained petrodollars and how their use greatly benefits the United States. "Petrodollars are the form of currency that is paid globally for oil. The petrodollar system is essentially the global practice of exchanging oil for US dollars, rather than any other currency. This means that no matter what country is buying the oil, they pay the oil-producing country in petrodollars, which are denominated in US dollars," he notes on his website. "Because the petrodollar is denominated in US dollars, the system means that oil-producing countries end up with surpluses of US currency that need to be “recycled” back into the economy. Petrodollar recycling can involve channeling these dollars back into their own domestic economies, lending them to other countries or investing them in the US economy. Countries can use them to buy assets and securities like treasury bills, helping to keep interest rates and inflation low and allowing the countries to avoid currency conversion losses and risks," he added. "In 1973, the petrodollar system was created through a deal between the US and Saudi Arabia. The countries agreed to price and trade oil in US dollars. With oil standardized in terms of dollars, any country that purchased oil from Saudi Arabia would have to use dollars. This led many other oil-producing countries to also standardize oil prices in US dollars – and the petrodollar system was born," Robbins noted further. Thus, naturally, when countries opt out of the petrodollar system, that is a detriment to the U.S.-dominated global system. Now, enter the socialist West's massive push to end the use of fossil fuels primarily as a form of energy: Why would any sane U.S. leader want to do that? We're told it's because they are only trying to 'save the planet,' but the reality is, ending the use of fossil fuels means 1) ending the petrodollar; and 2) ending the United States' dominance over the global economy. Again, why would any sane American leader want to do that? What is the purpose of making our country weaker? Simple: Power. The less the U.S. dominates, the more power the global elite, from all nations, will benefit. If the U.S. cannot dominate the world economy, no one else can -- except for a multinational elite. Electric vehicles aren't about "climate change." They are a means to limit our freedom of travel and thus control us while weakening the only nation standing in the way of the elites' global dominance scheme. Either the leaders of Ghana are part of that scheme, or they simply have become unwilling dupes. Sources include: Reuters.com TonyRobbins.com
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